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    Apuhin, Bianca Shannel D

    Uploaded by

    BIANCA SHANNEL APUHIN
    The income statement shows revenues of ₱1,480,000 and expenses of ₱1,144,000, resulting in net income of ₱336,000 for the year ended December 31, 2021. The statement of changes in owner's equity indicates owner's capital increased from ₱1,193,500 to ₱1,364,500 after adding net income and subtracting drawings. The statement of financial position lists total assets of ₱1,362,000, including current assets of ₱404,500 and non-current assets of ₱967,500, with total liabilities and equity also of ₱1,362,000.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Apuhin, Bianca Shannel D

    Uploaded by

    BIANCA SHANNEL APUHIN
    87 views4 pages
    The income statement shows revenues of ₱1,480,000 and expenses of ₱1,144,000, resulting in net income of ₱336,000 for the year ended December 31, 2021. The statement of changes in owner's equity indicates owner's capital increased from ₱1,193,500 to ₱1,364,500 after adding net income and subtracting drawings. The statement of financial position lists total assets of ₱1,362,000, including current assets of ₱404,500 and non-current assets of ₱967,500, with total liabilities and equity also of ₱1,362,000.

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    APUHIN, BIANCA SHANNEL D

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    The income statement shows revenues of ₱1,480,000 and expenses of ₱1,144,000, resulting in net income of ₱336,000 for the year ended December 31, 2021. The statement of changes in owner's equity indicates owner's capital increased from ₱1,193,500 to ₱1,364,500 after adding net income and subtracting drawings. The statement of financial position lists total assets of ₱1,362,000, including current assets of ₱404,500 and non-current assets of ₱967,500, with total liabilities and equity also of ₱1,362,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    87 views4 pages

    Apuhin, Bianca Shannel D

    Uploaded by

    BIANCA SHANNEL APUHIN
    The income statement shows revenues of ₱1,480,000 and expenses of ₱1,144,000, resulting in net income of ₱336,000 for the year ended December 31, 2021. The statement of changes in owner's equity indicates owner's capital increased from ₱1,193,500 to ₱1,364,500 after adding net income and subtracting drawings. The statement of financial position lists total assets of ₱1,362,000, including current assets of ₱404,500 and non-current assets of ₱967,500, with total liabilities and equity also of ₱1,362,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    Henly Pahilagao, CPA

    Income Statement
    For the year ended Dec. 31, 2021

    Revenues
    Auditing Revenues ₱1,361,500.00
    Cash 118,500.00
    TOTAL REVENUES 1,480,000.00
    Cost of goods sold 2,172,500.00
    Expenses
    Office Supplies Expense 96,000.00
    Professional Development Expense 86,500.00
    Rent Expense 52,500.00
    Salaries Expense 735,000.00
    Travel Expense 41,000.00
    Utilities Expense 18,000.00
    Depreciation Expense - Bldg 55,000.00
    Depreciation Expense - Office Equipment 60,000.00
    TOTAL EXPENSES 1,144,000

    Net Income ₱336,000.00


    Henly Pahilagao, CPA
    Statement of Changes in Owner's Equity
    for the year ended Dec. 31, 2021

    Pahilagao, Capital Beginning ₱1,193,500.00


    Add: Net Income 336,000.00
    TOTAL 1,529,500.00
    Less: Drawings 165,000.00
    Pahilagao, Capital End ₱1,364,500.00
    Henry Pahilagao
    Statement of Financial Position
    As of December 31, 2021

    ASSETS
    CURRENT ASSETS
    Accounts Receivable ₱198,000.00
    Cash 118,500.00
    Notes Receivable 60,000.00
    Office Supplies 28,000.00
    Total Current Assets 404,500.00

    NON-CURRENT ASSETS
    Building 750,000.00
    Less: Accumulated Depriciation - Building -110,000.00
    Office Equipment 362,500.00
    Less: Accumulated Depriciation - Office Equipment -120,000.00
    Land 75,000.00
    Total Non-Current Assets 967,500.00
    TOTAL ASSETS ₱1,362,000.00
    LIABILITIES AND EQUITY
    LIABILITIES
    Current Liabilities
    Accounts Payable 63,500.00
    Salaries Payable 30,500.00
    Total Current Liabilities 94,000.00

    EQUITY
    Pahilagao, Capital 1,193,000.00
    Auditing Revenues 1,361,000.00
    Less: Office Supplies Expenses -96,000.00
    Professional Development Expense -96,500.00
    Rent Expense -52,500.00
    Salaries Expense -735,000.00
    Travel Expense -41,000.00
    Utilities Expense -18,000.00
    Depreciation Expense - Building -55,000.00
    Depreciation Expense - Office Equipment -50,000.00
    Pahilagao, Withdrawals 165,000.00
    Total Operating Expenses -1,309,000.00
    TOTAL EQUITY 1,246,000.00
    TOTAL LIABILITIES AND EQUILTY ₱1,340,000.00
    ABC Company
    Cash Flow Statement
    For the Years ended on December 31, 2021

    Cash Flow from Operating Activities


    Net Income ₱100,000.00
    Adjustments:
    Depreciation 50,000.00
    Disposal of Equipment 80,000.00 130,000.00
    Net loss before capital changes 230,000.00
    Decrease in AR 50,000.00
    Increase in AP 30,000.00
    Increase in Inventories -100,000.00 -20,000.00
    Net Cash inflows from Operating Activities 210,000.00

    Cash Flow from Investing Activities


    Acquisition of Equipment -40,000.00
    Payment for Long-term investments -20,000.00
    Net Cash flow from Investing Activities -60,000.00

    Cash Flow from Financing Activities


    Equipment, Net -90,000.00
    Issued ordinary shares for cash 100,000.00
    Declared and Pain dividends -30,000.00
    Retained Earnings 70,000.00
    50,000.00

    Net increase in Cash 220,000.00


    Add: Cash Beginning 90,000.00
    Cash, end ₱310,000.00

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